Company Accounts

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1.  Manish & Co. Ltd forfeited 100 shares of Rs.10 each, Rs.8 called up. Rs.4 paid on application; the amount to be forfeited is  
A.
B.
C.
D.
2.  A company offers to the public 10,000 shares for subscription. The company receives application for 12,000 shares. If the shares are allotted on pro-rata basis, then applicants for 12,000 shares are to be allotted as  
A.
B.
C.
D.
3.  Loss on issue of Debentures is generally written off in  
A.
B.
C.
D.
4.  Bajaj Ltd. issued 25,000 equity shares of Rs. 10 each payable as Rs. 2 on application, Rs 3 on allotment, Rs. 2 on first call and the balance in the final call. Archit, who has 1,000 shares paid full value of shares with allotment money. The amount to be debited to bank account at the time of receipt of first call money will be  
A.
B.
C.
D.
5.  Asha Ltd. issued shares of Rs. 100 each at a premium of 25%. Mamta, who has 2,000 shares of Asha ltd., failed to pay first and final call totalling Rs.5. Premium was taken by Asha Ltd. at the time of allotment. On forfeiture of Mamta's shares, the amount to be debited to Share premiumaccount will be
A.
B.
C.
D.
6.  X Ltd. invited applications for 1,00,000 shares of Rs. 10 each at a discount of 6% discount per share will be  
A.
B.
C.
D.
7.  Discount on issue of debentures is a____________  
A.
B.
C.
D.
8.  A company purchased a plant for Rs. 5000 useful life of the plant is 10 years and residual value is Rs. 500. Rate of depreciation will be__________.  
A.
B.
C.
D.
9.  X Ltd. forfeited 100 shares of Rs. 10 each issued at a discount of 10% to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment. But on which he had not paid Rs. 2 on first call share capital in case of forfeiture will be debited by
A.
B.
C.
D.
10.  Tata Communication invited applications for 50000 equity shares of Rs.10 each and received 65000 applications along with application money of Rs.5 per share. Which of the following is correct  
A.
B.
C.
D.
11.  Dabur Ltd. Forfeited 400 shares of Rs.10 each fully called up, on which the holder has paid only application money of Rs.4 per share. Out of these 250 shares were reissued as Rs.12 per share fully paid up. Capital reserve will be credited  
A.
B.
C.
D.
12.  Mr. Yogesh was the holder of 700 shares of Rs.100 each in KFC Ltd upon which 50 per share had been called up but he had paid only Rs.25 per share thereon. The company forfeited his shares & afterwards sold them to Kamlesh, credited as Rs.50 per share paid for Rs.25,000. The amount to be transfer to capital reserve is                                  
A.
B.
C.
D.
13.  Rich Ltd. had 3,000,12% Redeemable preference shares of Rs. 100 each, fully paid-up. The company issued 25,000 equity shares of Rs.10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to Capital Redemption Reserve Account is  
A.
B.
C.
D.
14.  As per the Companies Act, "Interest accrued and due on debentures" should be shown  
A.
B.
C.
D.
15.  A company issued debentures of the face value of Rs. 100,000 at discount of 6% on Jan 2005. These debentures are redeemable by annual drawings of Rs. 20,000 made on 31st December each year. Directors decided to write off discount based on the debentures outstanding each year. Discount written off in the fifth year will be              
A.
B.
C.
D.
16.  On equity share of Rs.20, the company has called up Rs.18 but actually received Rs. 18. The Share capital would be credited by  
A.
B.
C.
D.
17.  P Ltd. issued 5,000,12% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption Of debentures to be written off every year is  
A.
B.
C.
D.
18.  B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by  
A.
B.
C.
D.
19.  The subscribed share capital of S Ltd. is Rs.80,00,000 of Rs.100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares. The calls in arrear amounted to Rs.62,500. The final call on share will be  
A.
B.
C.
D.
20.  All of the following have debit balance except  
A.
B.
C.
D.
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